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Following up from the first two articles about real estate (you can find them here and here). Since the articles were quite long, I’m going to summarise them here for convenience. So, the first article talks about the real estate cycle in India starting from the liberalization in 1991. We are currently in the second real estate cycle. The first cycle peaked in 1995 and the second cycle peaked in 2012-14 period. Currently, we are in the final stage of the second real estate cycle. While it is not clear when the third real estate cycle will start, it feels like we are close to the bottom because there is…